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Best of Finance 2013: GICs

Why simply save when you can put your money to work? Guaranteed Investment Certificates (GICs) are a risk-free way to grow your money with some of the highest returns on the market. Here are our top picks, guaranteed to give you the most bang for your buck.

What is a Guaranteed Investment Certificate?

A Guaranteed Investment Certificate (GIC), is a savings option that guarantees the return of the invested principal amount along with additional interest. GICs require the lock-in of this initial investment for a set period of time, known as the GIC Term. In most cases, these funds cannot be withdrawn from the GIC account until the term matures. Many GICs also require a minimum deposit amount between $500 and $1000.